Perrigo Acquires Patheon's Mexican Operations
Former US-based generics producer Perrigo, now headquartered in Ireland, has acquired the Mexican operations of contract drug development and manufacturing services provider Patheon, based at Durham, North Carolina in the US.
Perrigo said it expects the acquisition for $34 million in cash to be immediately accretive to its 2015 adjusted per-share earnings after the exclusion of estimates for intangible amortization and transaction-related costs.
CEO Joseph C. Papa said the addition of Patheon will provide "many benefits" for Perrigo, adding that his company also believes the acquisition will serves as "an ideal entry point" into the softgel sector which it has eyed for some time.
Papa said Perrigo sees itself as "uniquely positioned" to maximize the potential of the former Patheon business as it can leverage its own Mexican operations to drive growth and value for customers and shareholders.
Perrigo is in the process of acquiring Belgium's Omega Pharma for €2.48 billion, excluding debt, and is at the same time fighting a hostile takeover bid from Netherlands-based drugmaker Mylan.
Mylan itself is being pursued by Israeli generics giant Teva.
